Kgaboesele to chair Old Mutual remuneration committee after shock Moholi resignation | Fin24
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Kgaboesele to chair Old Mutual remuneration committee after shock Moholi resignation

Sep 26 2019 19:24

Old Mutual has appointed Itumeleng Kgaboesele as the new chair of the remuneration committee, effective from September 25, the insurer said on Thursday evening.

In a brief announcement on the JSE Stock Exchange News Service, Old Mutual said it had appointed Kgaboesele "in terms of the board's succession plan".

Kgaboesele, an independent non-executive director, is also a member of the Audit Committee, it noted.

Old Mutual's board was left without a chair of the remuneration committee when independent non-executive director Nombulelo Moholi abruptly resigned earlier in September. Moholi cited personal reasons for her resignation.

Fin24 previously reported that members of the board, including Moholi, Paul Baloyi and Kgaboesele, had allegedly led talks with axed CEO Peter Moyo and his attorney. In an earlier interview, Moholi had noted disappointment regarding the ongoing litigation between Moyo and Old Mutual.

"[It was] painful when issues started coming out," she said.

Kgaboesele is co-founder and CEO of investment company Sphere Holdings, and previously served on the board of Telkom. He has also held leadership positions at Merrill Lynch and Deutsche Bank, as well as acting as an advisor to government.

Compiled by Marelise van der Merwe

trevor manuel  |  peter moyo  |  old mutual


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